BAKU, Azerbaijan, January 24. Energy efficiency financing by the European Investment Bank (EIB) Group in 2023 totaled €8.35 billion, Trend reports via EIB.
Reportedly, around €5.50 billion of the abovementioned amount went for energy-efficient buildings.
Renewable energy financing stood at €9.14 billion, including more than €3.38 billion for onshore and offshore wind and over €4.18 billion for solar photovoltaic energy.
Electricity grids and storage financing made €3.79 billion. With this, the total number of energy spending in 2023 amounted to €21.38 billion.
In 2023, the EIB Group significantly increased direct financing for climate action and environmental sustainability, reaching €49 billion, a notable rise from the €38 billion in 2022. This contributes to the group's broader commitment, with €349 billion in green investments supported since 2021, positioning it well to achieve the ambitious target of €1 trillion in green financing by the end of the decade.
A substantial portion of the 2023 investments, surpassing €21 billion, played a crucial role in advancing REPowerEU — an initiative aimed at reducing Europe's reliance on fossil fuels and expediting the green transition.
Within the European Union, the EIB Group exhibited a commitment to regional balance, allocating more than 45 percent of its financing to cohesion regions and nearly 20 percent to less developed areas where the per capita gross domestic product falls below 75 percent of the EU average.
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